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<br />e <br /> <br />e <br /> <br />(b) The entity in whose name any Bond shall be registered <br />in the Registration Books at any time shall be treated as the <br />absolute owner thereof for all purposes of this Ordinance, <br />whether or not such bond shall be overdue, and the city and the <br />Paying Agent/Registrar shall not be affected by any notice to the <br />contrary unless otherwise required by law; and payment of, or on <br />account of, the principal of, premium, if any, and interest on <br />any such bond shall be made only to such registered owner. All <br />such payments shall be valid and effectual to satisfy and <br />discharge the liability upon such bond to the extent of the sum <br />or sums so paid. <br /> <br />(c) The City hereby further appoints the paying <br />Agent/Registrar to act as the paying agent for paying the <br />principal of and interest on the Bonds, and to act as its agent <br />to exchange or replace Bonds, all as provided in this Ordinance. <br />The Paying Agent/Registrar shall keep proper records of all <br />payments made by the city and the Paying Agent/Registrar with <br />respect to the Bonds, and of all exchanges of such bonds, and all <br />r~placements of such bonds, as provided in this Ordinance. <br /> <br />(d) Each Bond may be exchanged for fully registered bonds <br />in the manner set forth herein. Each bond issued and delivered <br />pursuant to this Ordinance, to the extent of the unpaid or <br />unredeemed principal balance or principal amount thereof, may, <br />upon surrender of such bond at the principal corporate trust <br />office of the Paying Agent/Registrar, together with a written <br />request therefor duly executed by the registered owner or the <br />assignee or assignees thereof, or its or their duly authorized <br />attorneys or representatives, with guarantee of signatures <br />satisfactory to the Paying Agent/Registrar, at the option of the <br />registered owner or such assignee or assignees, as appropriate, <br />be exchanged for fully registered bonds, without interest <br />coupons, in the form prescribed in the FORM OF BONDS set forth in <br />this Ordinance, in the denomination of $5,000, or any integral <br />multiple of $5,000 (subject to the requirement hereinafter stated <br />that each substitute Bond shall have a single stated maturity <br />date), as requested in writing by such registered owner or such <br />assignee or assignees, in an aggregate principal amount equal to <br />the unpaid or unredeemed principal amount of any bond or bonds so <br />surrendered, and payable to the appropriate registered owner, <br />assignee, or assignees, as the case may be. If a portion of any <br />Bond shall be redeemed prior to its scheduled maturity as <br />provided herein, a substitute bond or bonds having the same <br />maturity date, bearing interest at the same rate, in the <br />denomination or denominations of any integral multiple of $5,000 <br />at the request of the registered owner, and in an aggregate <br />principal amount equal to the unredeemed portion thereof, will be <br />issued to the registered owner upon surrender thereof for <br />cancellation. If any Bond or portion thereof is assigned and <br />transferred, each bond issued in exchange therefor shall have the <br />same principal maturity date and bear interest at the same rate <br />as the bond for which it is being exchanged. Each substitute <br />bond shall bear a letter and/or number to distinguish it from <br /> <br />5 <br />